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Area home prices in July were up 9.3 percent from July 2014 levels, surpassing the national average increase of 6.9 percent.

North Texas home prices have been growing at more than twice long-term average rates throughout this year.

Economists credit the area's booming population and limited housing supplies with creating the dramatic price inflation.

Houston came in second place on the list of top home price gainers, despite dropping oil prices.​